Netflix Tops 325 Million Subscribers, Plans to Boost Content Spending 10% to $20 Billion in 2026

Netflix said it had more than 325 million subscribers worldwide as of the end of 2025 — up from 301.2 million a year prior — as it looks to get even bigger by buying Warner Bros.

The company beat expectations for the fourth quarter of 2025. Netflix reported quarterly revenue of $12.01 billion, up 17.6%, and net income of $2.41 billion, translating to 56 cents per share. On average, Wall Street analysts expected Netflix to post Q4 revenue of $11.97 billion and earnings per share of 55 cents, according to LSEG Data & Analytics.

Netflix has stopped reporting subscribers on a quarterly basis, but said it would release them when it hit certain milestones.

In 2026, the company expects “content amortization growth” of about 10% in 2026, indicating its content spending will hit $20 billion for the year. The increased content spending will be higher growth the first half of the year; as a result, “we expect higher operating income growth in the second half of 2026 than in the first half.”

The earnings report came the same day Netflix announced that it was sweetening its $83 billion deal to buy Warner Bros. Discovery’s studios and HBO Max streaming business by switching to an all-cash offer, replacing its previous cash-and-stock agreement. The change was driven by pressure from Paramount Skydance, which has been pursuing a hostile takeover attempt of Warner Bros. Discovery with what it alleges is a superior deal for WBD shareholders.

Netflix execs have spun the Warner Bros. deal as a win for the industry — despite opposition from theater owners and others — as well as upsizing the streamer’s content-production engines. To try to allay fears in Hollywood that Netflix will abandon theatrical distribution, co-CEO Ted Sarandos last week said Netflix will maintain a 45-day theatrical window for WB movies.

“Together, Netflix and Warner Bros. will deliver broader choice and greater value to audiences worldwide, enhancing access to world-class television and film both at home and in theaters,” Sarandos said in a statement earlier Tuesday. “The acquisition will also significantly expand U.S. production capacity and investment in original programming, driving job creation and long-term industry growth.”

In the fourth quarter, Netflix scored big traffic with “Stranger Things 5,” the final season of the Duffer brothers’ supernatural ’80s-set drama series, and also garnered sizable live viewership for its Christmas Day NFL doubleheader.